Analysis

Moody’s: bank NDFI exposure grows to $1.4trn at year-end 2025

Loans to non-depository financial institutions were some of the fastest expanding areas of lending for large US banks.

Ares, Antares close $1.7bn continuation vehicle

CV will comprise over 300 first-lien loans originated and managed by Antares.

Davidson Kempner: Opportunistic credit could benefit from ‘capital structure reset’

Stress in private equity funds and portfolio companies could open up opportunities for opportunistic credit managers, DK’s white paper argues.

BCRED issues CLO following redemptions, turbulence in NAV

The CLO issuance is routine but comes after a 0.4% decline in February, the BDC’s first monthly loss in three years.

Moody’s: Structured finance becoming critical to origination of IG private credit

Alternative managers that sponsor structured finance JVs are using their minority stakes to bring investment grade debt to investors.

Stress in private credit funds is stalling efforts to widen retail access

Runs draw down political capital, as examiners step up focus on disclosures, possible conflicts and valuation of funds.

Conflict of interest concern: Valuation of a loan by the borrower

Valuations of Blue Owl’s BDC’s portfolio provided by Kroll have raised concern given Kroll’s close connection to Deerfield, a borrower from those BDCs.

Cliffwater, Morgan Stanley cap redemptions as liquidity requests rise

Cliffwater and Morgan Stanley seek to reassure investors over the health of their funds’ portfolios, while JPMorgan limits lending activity to credit funds.